Start-up carrier Canada Jetlines is exploring potentially listing on the US stock exchange.
Pressed on the matter by a shareholder during the company’s quarterly earnings call on 28 March, executives emphasised that “nothing has been finalised”, while acknowledging the company had explored entering “more liquid markets” within the next six to eight months.
“We haven’t come to a final decision,” says chief executive Eddy Doyle. “We are exploring the benefits and the costs of it.”
Canada Jetlines is currently traded on Cboe Canada, formerly known as the NEO exchange.
Last year, the company said it “will need to raise additional capital to support its business plan”.
The start-up reports losing C$11.5 million ($8.5 million) in 2023, its first full year of operation, compared with a C$13.4 million loss in 2022.
It generated C$37.2 million of revenue for the full year, up from C$3.2 million during its partial year of operations in 2022.
The majority of Canada Jetlines’ 2023 revenue was generated from charter and ACMI (aircraft, crew, maintenance and insurance) flying for companies, the Canadian government, cruise lines and sports teams.
The carrier also operates scheduled passenger service with a focus on flying to warm-weather leisure destinations.
Moving forward, the company expects the tour-operator aspect of its business – through which it offers all-inclusive vacation packages – will become a “core part of our business strategy”, Doyle says.
The Toronto-based carrier launched revenue flights in September 2022. It now operates four leased Airbus A320s and expects to receive two more in the second quarter. Jetlines plans to fly a seven-strong fleet by year end and to ramp up to 15 jets by the end of 2026 – a year later than the company previously estimated.
Four of its six jets will be dedicated to flying in Europe this summer, with two jets flying for Turkish leisure carrier Corendon Airlines in the Netherlands, and two operating for Air Arabia Maroc on flights between Western Europe and Morocco.
